Consolidating federal plus loans
If you’ve read about the pros and cons of student loan consolidation, and understand the differences between private and federal loan consolidation, you might have decided that federal loan consolidation is right for you.
Once you start the application process, you’ll need to complete it in one sitting.
Refinancing your loans can lower your interest rate and your monthly payment.
Select all the loans that you want to consolidate (you can consolidate all your existing loans, or just choose some to consolidate).
According to the Department of Education, you cannot consolidate a loan with the federal government that’s already been consolidated, unless you add on an additional, existing eligible loan or loans.
You can refinance loans with private lenders as often as you would like.
The only way to consolidate federal student loans is through the federal government, by using studentloans.gov, or by refinancing them through a private lender.
But when it comes to private loans, there are a number of different lenders out there, all offering different interest rates and terms.